Canada Pension Plan Investment Board Has $10.95 Million Stake in Methanex Corporation (MEOH)
Canada Pension Plan Investment Board increased its stake in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 86.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 248,358 shares of the specialty chemicals company’s stock after buying an additional 115,224 shares during the period. Canada Pension Plan Investment Board owned approximately 0.29% of Methanex Corporation worth $10,948,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. ARP Americas LLC bought a new stake in Methanex Corporation during the second quarter valued at about $396,000. Korea Investment CORP raised its stake in Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after buying an additional 101 shares during the last quarter. Sei Investments Co. raised its stake in Methanex Corporation by 1.5% in the second quarter. Sei Investments Co. now owns 59,413 shares of the specialty chemicals company’s stock valued at $2,617,000 after buying an additional 872 shares during the last quarter. Stonebridge Capital Management Inc. raised its stake in Methanex Corporation by 17.1% in the second quarter. Stonebridge Capital Management Inc. now owns 8,575 shares of the specialty chemicals company’s stock valued at $378,000 after buying an additional 1,250 shares during the last quarter. Finally, Spark Investment Management LLC bought a new stake in Methanex Corporation during the second quarter valued at about $3,179,000. Institutional investors and hedge funds own 83.91% of the company’s stock.
Methanex Corporation (NASDAQ:MEOH) opened at 43.30 on Friday. Methanex Corporation has a 52 week low of $28.17 and a 52 week high of $53.35. The company has a market cap of $3.73 billion, a price-to-earnings ratio of 16.85 and a beta of 1.78. The stock’s 50 day moving average price is $44.63 and its 200-day moving average price is $45.45.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by $0.23. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The business had revenue of $669 million during the quarter, compared to analysts’ expectations of $772.41 million. Methanex Corporation’s quarterly revenue was up 42.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.34) EPS. On average, equities research analysts forecast that Methanex Corporation will post $3.80 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Saturday, September 16th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.77%. Methanex Corporation’s dividend payout ratio (DPR) is presently 47.81%.
Methanex Corporation announced that its board has approved a share repurchase program on Wednesday, July 26th that authorizes the company to repurchase 1,660,000 outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
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Several analysts recently issued reports on the company. BidaskClub lowered Methanex Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 31st. TD Securities dropped their price objective on Methanex Corporation from $56.00 to $54.00 and set a “buy” rating on the stock in a research note on Friday, July 28th. Tudor Pickering lowered Methanex Corporation from a “buy” rating to a “hold” rating and dropped their price objective for the company from $52.00 to $46.00 in a research note on Friday, July 28th. Monness Crespi & Hardt dropped their price objective on Methanex Corporation from $62.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, July 28th. Finally, Cowen and Company dropped their price objective on Methanex Corporation from $60.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, July 28th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $56.80.
Methanex Corporation Company Profile
Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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